On Friday, oil prices were stabilizing as markets turned their attention to key economic reports and a spate of positive corporate news and as Saudi Arabia reportedly hiked its oil production to help replace production lost to Libya's turbulence. Saudi Arabia has quietly increased its oil output by more than 700,000 barrels a day to more than 9 million barrels a day, according to Reuters, which cited an unidentified industry source.
Light sweet crude oil for April delivery settled at $97.88 a barrel, up 0.6% after hitting or breaching $100 a barrel for two days straight. The RICI-Agriculture ETN (RJA) closed up 3.4% to $11.44 at the market close Friday, while the PowerShares DB Agriculture Fund (DBA) rose 2.1% to $34.71. The iPath Dow Jones-UBS Grains Subindex Total Return ETN (JJG) ended up 3.7% to $4.75 and the iPath Dow Jones-UBS Agriculture Total Return Sub-Index ETN (JJA) advanced 3.9% to $65.81.
The Teucrium Corn Fund (CORN) spiked 4% to $43.39.
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